Mid-Atlantic Self Storage Portfolio

Mid-Atlantic Self Storage Portfolio2020-02-24T17:12:47-05:00

Project Description

The Mid-Atlantic Self Storage Portfolio is UNDER CONTRACT.

UNDER CONTRACT
NRSF – 183,855

Multiple Addresses
Mid-Atlantic Region

The Mid-Atlantic Self Storage Portfolio is comprised of three facilities across 183,855 net rentable square feet. The portfolio offers 1,117 drive-up units, 549 non-climate-controlled units, 40 climate-controlled units, 91 boat/RV parking spaces and three offices for a total of 1,800 units. Each property recently underwent capital improvements, such as asphalt repaving and painting. The portfolio has a stable physical occupancy of 81.0 percent, paired with an economic occupancy of 79.9 percent. Each site utilizes an on-site manager’s apartment, 24-hour video surveillance, gated entry, keypad access and fencing to ensure a safe premise. An investor will secure the advantage of building a footprint within the populous market that each facility strategically resides in: the D.C., New York City and Philadelphia Metropolitan Statistical Areas.

The subject properties all have rental rates that are significantly below market, allowing an investor to capitalize on improving rates below-market rents to generate further income. Furthermore, an investor will benefit from the facilities’ solid and highly-visible locations in several of the Mid-Atlantic’s strongest markets, excellent traffic counts and highway access points and affluent demographics, in addition to a wide array of amenities, all which have consistently anchored a strong consumer base. Storage At Atlas also has potential for expansion.

The Mid-Atlantic Self Storage Portfolio overall represents an exceptional opportunity to acquire three existing, nearly-stabilized assets with multiple upsides. Acquisition also offers the advantage of seizing upon untapped revenue, including a more robust tenant insurance program and merchandise sales.

Investment Highlights:

  • Ability to Achieve Scale in Three Major Northeastern Metropolitan Statistical Areas
  • Three Near-Stabilized Assets with Significant Value-Add Opportunities Across the Portfolio
  • Strong Income and Occupancy Metric Increases Since 2016, Improving Revenue by Over 35 Percent
  • Current Street Rates Well Below Market Averages, Providing Substantial Upside
  • Underutilized Revenue Streams to Continue Maximizing Revenue, Including Tenant Insurance and Merchandise Sales
  • Above-Average Household Incomes at Each Site
  • Expansion Capabilities at Storage At Atlas
  • Situated Within the New York City, DC and Philadelphia Markets